PSA has second LLC send off
WESTMINSTER, Colo.--After launching its first Limited Liability Companies called Virtual Distribution & Management in January, the PSA Security Network announced a second LLC planned for May.
The first LLC will operate as a wholly owned subsidiary of PSA. However, following LLCs will be privately funded and have an exclusive Evergreen contract with PSA. Each LLC will have its own chief executive officer and board of directors, according to the press release.
Creating LLCs is part of PSA's strategic business plan to enable members to compete at a national level.
"The rapid consolidation of companies and technology changes within the industry required a new paradigm. The LLCs provide us with the freedom to negotiate projects and pricing with outside companies and to receive outside capitalization, two things we could not do under our structure, Bill Bozeman, president and chief executive officer at PSA said in a statement.